Final answer:
Lima, Peru is the city founded by Francisco Pizarro and is home to the oldest university in the Americas, the National University of San Marcos.
Step-by-step explanation:
The city that was founded by Francisco Pizarro and had the oldest continuously functioning university in the Americas, the National University of San Marcos, is Lima, Peru.
Francisco Pizarro founded the port city of Lima in 1531, and it became the capital of the Viceroyalty of Peru. The National University of San Marcos in Lima is the oldest university in the Americas, established in 1551.
This university has a long history and has played a significant role in the intellectual and cultural development of Peru and Latin America.